Table Trac Announces Third Quarter 2018 Results

13/11/2018 14:29

MINNETONKA, Minn., Nov. 13, 2018 /PRNewswire/ -- Table Trac, Inc. (OTCQB: TBTC), a developer and provider of casino information and management systems that automate and monitor the operations of casinos, announced financial results for the quarter ending September 30, 2018.

The 10-Q can be found @ http://www.sec.gov

Third Quarter Highlights

The Company delivered three systems during the quarter.
The Company had three new customer contracts in backlog as of September 30, 2018 that are scheduled for delivery in the fourth quarter of 2018. Most of the revenues from these new contracts will be recognized after installation has been completed.

Third Quarter Financial Results

Revenues increased from $1,862,684 in 2017 to $2,329,681 in 2018.

Ongoing maintenance revenue increased from $559,624 in 2017 to $684,738 in 2018, a 22.4% increase of $125,114 due to an increasing number of maintenance customers.

The gross margin for the third quarter of 2018 was $1,746,921 compared with $1,298,031 in 2017.

The net income for 2018 was $464,408 compared to net income of $272,049 for 2017.

The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share for the three months ended September 30, 2018 and 2017: The decrease of the weighted shares outstanding is due primarily to the company actively repurchasing its stock.

		For the Three Months Ended September 30,
		2018		2017
Basic and diluted earnings per share calculation:
Net income to common stockholders	$	464,408	$	272,049
Weighted average number of common shares outstanding - basic		4,468,602		4,511,965
Basic net income per share	$	0.10	$	0.06
Weighted average number of common shares outstanding - diluted		4,475,982		4,511,965
Diluted net income per share	$	0.10	$	0.06

About Table Trac, Inc.

Founded in 1995, Table Trac, Inc. designs, develops and sells casino information and management systems. The company has systems installed in North, South, and Central America, as well as the Caribbean. More information is available at http://www.tabletrac.com/.

Forward Looking Statements

This press release contains forward-looking statements that involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission.

For more information:
Randy Gilbert
Table Trac, Inc.
952-548-8877

View original content:http://www.prnewswire.com/news-releases/table-trac-announces-third-quarter-2018-results-300749680.html